VW’s R3.5-trillion pivot includes big spending on EVs
invest €180-billion over the next five years in areas including battery production and its North American operations, it said on Tuesday, with spending on combustion engines to decline from 2025.
In the latest plan, €15-billion is ring-fenced for battery plants and raw materials and €2-billion will be put toward a plant in North Carolina for its Scout brand.Investment in combustion engine technology will peak in 2025 and decline from then on, said the car maker, which has more ambitious electrification targets than some rivals.
Later on Tuesday, Volkswagen is also expected to share the results of a “virtual equity story” exercise instigated by Blume. That had all of the company’s brands, which span from Audi to Bentley, prepare for a listing as a training exercise to become more attractive to capital markets.
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